\begin{tabular}{l*{1}{cccc}}
\hline\hline
Variables (expected sign)&        mean&          sd&         min&         max\\
\hline
& & & & \\ 
 \emph{Race \& income:} & & & \\ 
\hspace{5 mm}White (Omitted)&       0.576&       0.494&           0&           1\\
\hspace{5 mm}Black (+)&       0.138&       0.345&           0&           1\\
\hspace{5 mm}Hispanic (+)&       0.208&       0.406&           0&           1\\
\hspace{5 mm}Other (Unknown)&       0.077&       0.267&           0&           1\\
\hspace{5 mm}Income (\$10,000s) (-)&      11.392&       8.310&           2&          61\\
& & & & \\ 
 \emph{Index of segregation:} & & & \\ 
\hspace{5 mm}Black (+)&      60.537&      11.171&          22&          81\\
\hspace{5 mm}Hispanic (+)&      49.261&       9.560&          15&          70\\
\hspace{5 mm}Asian (+)&      44.741&       6.189&          20&          72\\
& & & & \\ 
 \emph{Region:} & & & \\ 
\hspace{5 mm}Northeast&       0.138&       0.345&           0&           1\\
\hspace{5 mm}Midwest&       0.145&       0.352&           0&           1\\
\hspace{5 mm}South  &       0.302&       0.459&           0&           1\\
\hspace{5 mm}West   &       0.415&       0.493&           0&           1\\
& & & & \\ 
 \emph{Put (default) option:} & & & \\ 
\hspace{5 mm}*Put (default) option (+)&      -2.109&      36.154&        -100&         296\\
\hspace{5 mm}*Put option$^2$ (+)&   1,311.533&   3,246.350&           0&      87,477\\
& & & & \\ 
 \emph{Call (prepay) option:} & & & \\ 
\hspace{5 mm}*Call (prepay) option (-)&       7.688&      41.663&        -410&          72\\
\hspace{5 mm}*Call option$^2$ (-)&   1,794.903&   3,554.471&           0&     168,100\\
& & & & \\ 
 \emph{Loan:} & & & \\ 
\hspace{5 mm}$<$ 620 (Omitted)&       0.254&       0.435&           0&           1\\
\hspace{5 mm}620-679 (-)&       0.299&       0.458&           0&           1\\
\hspace{5 mm}680-719 (-)&       0.182&       0.386&           0&           1\\
\hspace{5 mm}$>=$ 720 (-)&       0.265&       0.441&           0&           1\\
\hspace{5 mm}High Cost Loan ($>=$ 300 BPS indicator) (+)&       0.418&       0.493&           0&           1\\
\hspace{5 mm}Loan to value (LTV) (+)&      80.861&      14.751&           1&         125\\
\hspace{5 mm}Purchase (vs. refinance) indicator (+)&       0.468&       0.499&           0&           1\\
\hspace{5 mm}*ARM (vs. FRM) indicator (+)&       0.687&       0.464&           0&           1\\
\hspace{5 mm}*Modification indicator (-)&       0.145&       0.352&           0&           1\\
\hspace{5 mm}Payment to income (PTI) $>$ 31\% indicator (+)&       0.139&       0.346&           0&           1\\
& & & & \\ 
 \emph{Dependent variables:} & & & \\ 
\hspace{5 mm}Current&       0.311&       0.463&           0&           1\\
\hspace{5 mm}Prepay &       0.423&       0.494&           0&           1\\
\hspace{5 mm}Foreclosure&       0.266&       0.442&           0&           1\\
\hline\hline
\multicolumn{5}{l}{\footnotesize As of last period of observation}\\
\multicolumn{5}{l}{\footnotesize * Indicates time-varying covariate}\\
\end{tabular}
